Recording Landlord Rental Income MTD

Accounting
1

Hey,

i’m struggling greatly getting used to recording landlord payments (only one property).

The bank account is linked to Quickfile. The part i’m struggling with is this month for example I received £200, the total rent is almost £700 but there’s the management fee and 3 repairs this month to record (all on the statement from the estate agent).

Should I be doing a total invoice for £700 to the customer (tenant) as well as manually creating 3 supplier invoices? I am struggling to know the best way around this. I would be nice to click on suppliers and see all the outgoings for example.

2

Hello @Yoshi1

You would set the letting agent up as a merchant account in the banking screen then record the statement items on there (sales invoice for rent purchase invoice for fees then transfer what you actually receive as a bank transfer).

Bookkeeping for Landlords - Recording Letting Agent Statements and Fees (Standard Method)

Bookkeeping for Landlords - Recording Letting Agent Statement and Fees (Alternative Method)